Naphtha in Europe fell in line with crude and lost further ground after Taiwan's Formosa Petrochemical shut one of its three naphtha crackers for the next two weeks, as per Reuters. The shutdown will wipe out around 130,000 tons of naphtha demand. As a result, swaps dropped sharply by nearly US$70/ton compared with last Monday. However, prices could receive some support with tightening of Mediterranean supplies as traders try to take advantage of the open arbitrage window to the East.
The June contract at US$780/ton CIF NWE was lower than the US$847/ton compared with the start of last week. July was at US$784.55/ton and August at US$789/ton.
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